However, September should prove to be more interesting.
From Morgan Stanley's Global Cross-Asset Strategy team:

September bristles with risk for investors. The
Troika returns to Greece in early September; the German
constitutional court will rule on the ESM on 12 September; and
ECB bond purchases are conditional on Spain or Italy formally
applying for assistance. The Fed meets informally at Jackson Hole
in late August, and the FOMC convenes on 13 September. In Vincent
Reinhart’s view, substantial action (particularly QE) is very
unlikely.

Greg Peters of Morgan
Stanley notes that the current "risk asset rally is defying
at least conventional fundamentals." However, he doesn't
expect this trend of stocks rising as earnings estimates fall to
persist.

We think, at a minimum, now is the time to hedge
downside: volatility is low, markets are losing momentum, risks
are on the horizon. Equity and currency volatility is
now at pre-crisis levels... However, we are increasingly of
the view that markets will see a tradable sell-off start in the
next month or two.